It is obvious now that the crypto tokens are not just a fad, they have are a potential fintech solution and their implementation is also getting easier. With the increasing adoption of this technology, it is getting easier the enterprises to plan more ventures that involve the usage of cryptos and other decentralized products.
However, the complexities remain and as the new token protocols are surfacing, it is getting harder for the business owners to choose among them. At the same time, this mechanism is getting advanced frequently and incorporating many other technologies such as augmented reality, crypto chatbot, virtual reality, IPFS, etc.
Currently, there are a large number of blockchain platforms available and they are being applied in many lines of work. Seeing this trend, it won’t be wrong to say that token development services are going to play a pivotal role in the acceptance of crypto as a payment option in our daily lives.
In this article, we are going to discuss the token development platforms that are going to be in vogue in 2020 because of high-end disposition, efficiency, and cost as well. Here’s the list of 7 platforms that are going to bring us closer to this technology this year:-
Ethereum
If you have heard or read a little about this technology, then you heard of this platform. It has been able to establish its place in this fledgling domain and remains the most valuable cryptocurrency after Bitcoin. Its optimized deployment of smart contracts and various other features have rendered it very conducive for blockchain transactions.
Moreover, it takes data security one step ahead and provides a more reliable structure that assures the smooth working of all the underlying processes. It has decreased the downtime and has made the environment more productive for the working of blockchain. The quality of the code has also remained robust and it has succeeded in safeguarding the assets.
For making the decentralized applications more effective, you need to keep the entire process of making coins more inclusive. And to do that, it is essential that you come up with the most unique protocols that automate the framework and make the results swifter and more adaptable.
From Ethereum (ETH), we have got Ethereum Request for Comments (ERC) that has now become the most widely-used token development platform with a large number of features. Furthermore, it has spawned various other sub-platforms that are now worked upon by developers across the globe.
Being an application-level standard, all the different standards of ERC have an impressive job of introducing new archives, libraries, and package formats. They all come with a unique set of attributes that make the decentralized applications smart contracts more productive for the business. Let us discuss all the different standards of Ethereum starting with the most renowned one so far:
ERC20
ERC20 gives a simple interface that gives leeway for flexibility and makes things smooth in every transaction. With its help, the developers can create multiple tokens without the fear of duplication, it also makes the storage of coins easier and safer. It has helped massively in the dissemination of decentralized apps across the different domains by becoming a part of various ICO projects.
The following 6 functions make this token standard more pragmatic for developers:
- Allowance
- Approve
- transferFrom
- transfer
- balanceOf
- totalSupply
Compared to many other token standards, ERC20 has proved its efficiency with many fecund practices.
ERC721
ERC721 is mainly known for rendering the tokens non-fungible and this unique attribute makes this standard highly valuable. This means that the tokens created on the platform are entirely different from each other with some distinct characteristics.
With these tokens, it also makes the mark of individual ownership over the assets possible which is otherwise a tricky issue. It has brought ease into the analysis of use-cases which further makes adaption of blockchain easier.
Cryptokitties has become the first project to utilize ERC721 and has made efforts for making this standard popular.
ERC1400
ERC1400 has been introduced as a potential instrument that could phase out the technical discrepancies that prevent crypto and fiat securities to work side by side. It is also said to have simplified the ownership by replacing the rigid process with a transparent setting.
ERC223
ERC223 has been dubbed as an advanced version of ERC20 as it comes with a similar set of features and environments but focuses on ameliorating the overall functionality of the coin.
ERC777
ERC777 is another attempt to bring more efficiency into the existing coins. It works on the features and enhances their disposition, it also allows a large number of operators to join the network and to regulate the working of coins.
ERC1155
ERC1155 emphasizes more on the optimization of smart contracts to make the management of token better. It also renders the tokens non-fungible and resolves many other issues that have bothered the crypto users for very long.
EOS
The next entrant in our list is EOS that has made the creation of hybrid apps easier and by introducing a powerful structure. It has paved a way for remodeling of existing applications into decentralized programs which could be a big revolution in every industry. The process of development also gets easier with more formative architecture.
Plenty of developers have adapted this groundbreaking token standard and made many businesses familiar with its ecosystem. The EOS blockchain gives preference to the smooth working of every single component in the mechanism. It functions as an open-source platform that helps in orientating the crypto technology with the existing operating systems. This token standard appears as a next-generation protocol that emphasizes leveraging the smart contracts with more positive results.
Tron
Tron is a high-end decentralized blockchain network that is more suitable for large-scale business operations. With this particular token standard, the core functions of blockchain get more yielding and allow a higher level of customization. In many ways, this platform is similar to Ethereum but it takes the scalability and various other aspects a notch ahead.
It focuses on expanding the ambit of digital content and makes the working of applications better at every phase of a transaction. The way the network of Tron works, it ameliorates the performance of the network and makes it more convenient. It extends the limits of the blockchain and makes it more scalable without any additional tasks for the developers.
There are two different standards of Tron:
TRC10
It was launched on the TRON mainnet initially and has been available on the same network. It offered more flexibility to the developers and was quickly adopted by the folds of crypto developers who wanted to do something different.
TRC20
This one gives way for the integration of more functions that are based on smart contracts. The architecture allows more contracts to interact with each other and it also helps in the development of responsive within the ecosystem of the coin.
Tezos
Tezos has brought a revolutionary blockchain network to the fore and brought this technology closer to the mainstream. Also, its demand has seen a meteoric rise in the last few years by making the development easier than ever. The alignment of smart contracts into the decentralized platforms has got more innovative with this protocol.
The development of decentralized apps has certainly increased in the past few years and we have to give the due amount of credit to Tezos for this too. Among the other standards, this one has also laid a great impact on the crypto sphere. Its implementation gives scope for many modifications that create a friendly environment for financial applications.
Also Read: Get Token Development Service at its best
With this particular blockchain, it is possible to make way for more speed when you are dealing with multiple coins. If you analyze its feature, then you will find similarities with that of ERC20 and ERC223
This network makes it possible for you to come up with changes that are impossible to implement in the other protocols. This peculiar attribute surprises the developers and allows them to elevate the level of development.
Minter
Minter is another popular blockchain network that is popular for its all-inclusive features and up to the mark solutions. This is a development platform that makes the creation of tokens a lot faster with simpler terms.
This network provides a greater sense of reliability to the users by incorporating multiple advantages that you find in other platform platforms such as EOS, Tron, and Ethereum.
The most remarkable characteristic of this blockchain is the inclusion of more resources to allow a greater number of exchanges to adopt this token. It helps in getting liquidity with better measures and full-fledged steps. The Minter platform introduces a unique setting that grants more suitability to the external resources that help in straightening the issues.
Based on the Tendermint consensus engine, this blockchain makes the developers’ job easier by backing their operations with an advanced profile. Due to this, many issues get resolved and the outcome gets better with a promising architecture.
The major benefits of using Minter platform:
- More reliable
- Highly flexible
- Robust security
- Easy to maintain
- Letting users peg the price of their own tokens
- Long-term support
- Fast development
Waves
Waves is currently the most popular platform for creating a bespoke token for a distinct purpose. The platform gives you various features and tools that make development very easy even for those who are unaware of the technicalities of this technology.
With its help, you can create multiple tokens in no time and it also comes with an in-built exchange that boosts its usability. It emerges as an overarching solution for every crypto user who wants to gain more benefits in trading.
If you want, you can also launch your own ICO on this platform and raise funds easily. The massive reach of Waves in various communities makes it easier for your campaign to make a buzz among the investors. For entrepreneurs, this network provides many opportunities without any tradeoffs.
Stellar
Known as one of the most preferable open-source and community-owned blockchain networks, Stellar gives sets the tone for speedy adoption of crypto by facilitating rake of cross-asset transfers. Its native cryptocurrency is called Lumens and it has extended support to various tokenized assets with their own network.
It gives more leverage to the developers by allowing them to create their own token other than Lumens. Furthermore, it consists of its own token types just like ERC and Tron. With this attribute, the users of the Stellar network are able to exchange, issue and transfer their assets using the network.
Therefore, Stellar makes the cut into our list and deserves to be appraised for making its platform more useful for crypto users, it is surely going to play a pivotal role in the mass adoption of crypto in the future.
Besides the ones that made it to our list, there are some honorable mentions such as Aelf, Qtum, Ripple, etc. These are a few names that are also going to lay a good impact on the crypto sphere in the coming years.
How do you choose an appropriate token development platform?
Before making the final move, it is a must that you know about all the aspects that impact the development process and consequently, the performance of the token. Here are some factors that you should consider before choosing the platform:
- Consensus Algorithm
- Blockchain Mechanism
- Language
- Type of network
- Pricing
- Activity
- Popularity
If you have found a platform that fulfills all the aforementioned factors, then you can go ahead with it.
As technology is frequently updating, new things are coming to fore and giving more solutions to the developers. It is now possible to deliver bespoke solutions when it comes to smart contracts, crypto wallets, token development, etc.
Upshot
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